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For observers of EMU woes, it came as no surprise that Wednesday’s summit in Brussels ended in a low-key compromise that leaves the eurozone fragility untouched.

In part this is due to the decision making process in the EU, intrinsically incapable of reaching quick and bold decisions. But there are more substantial reasons that lie in the interpretation of the crisis, the “blame game”; a blame game that has no particular interest, were it not that understanding what went wrong should constitute a guide for designing a durable and effective solution.

I published an editorial (Euro : de quoi l’Allemagne a-t-elle peur ?) with André Grjebine on the French newspaper Le Monde:
We argue that the non-optimality of the EMU led to imbalances that go beyond the responsibility of individual countries, and hence that the solution should be symmetric. We also call for a real European Government.
An English version will follow.